Governor of Cross River State, Ben Ayade’s brother arrested by the Economic and Financial Crimes Commission.
Francis Ayade, who is the brother to Ben Ayade, the Governor of Cross River State was alleged to be involved in a N2.4 billion contract fraud.
Mr. Francis Ayayde was picked up by operatives of the anti-graft agency on Tuesday in connection with the scam.
Frank, who is the Managing Director of Hally Brown International Limited and Leophina Nigeria Limited was named in several unscrupulous transactions.
According to reports, Mr. Frank Ayade was alleged to be involved in diverting public funds into his companies’ accounts.
An EFCC operative revealed that four different allocations from the Federation Accounts were alleged to have been diverted into Hally Brown International Limited’s account owned by Mr. Frank Ayade.
Ben Ayade’s Brother Arrested
Investigations by EFCC operatives also revealed that Hally Brown International Limited was awarded a road construction contract to the tune of N2.4billion in 2011.
Mr. Ayade allegedly took a N350,000,000 loan from First Bank of Nigeria Plc, on behalf of Cross River’s Rural Access and Mobility Project to finance the contract.
Rather than execute the contract, the loan was allegedly transferred into the Mobility Project.
Mr. Frank has also been implicated in alleged suspicious transactions involving Obudu Micro Finance Bank, among other allegations.
Sources within the EFCC say Mr. Frank has been granted administrative bail.
He is however, still in custody pending his fulfillment of the bail conditions.
As at the time of filing this report, it is not certain if Governor Ben Ayade himself is implicated in the alleged fraud.
Spokesperson to the Cross River State Governor, Mr. Christian Ita, has yet to comment on the matter.